CHINA WATER (855 : HK) Sector: UTY    
China Water Affairs (855.HK) buying on the way up since April
Utility firm China Water Affairs Group Limited (855.HK) [MKT CAP 6B] has been buying back at progressively higher prices since April with 1.97 million shares purchased from April 21 to May 6 at $3.37 to $4.01 each or an average of $3.80 each [3MTH -5%(42%)/6MTH -3.5%(26%) 211 FILINGS-AUG 2007]. The trades accounted for 5% of the stock's trading volume. The Group bought shares on every day during that 11-day period. The Company last bought back 964,000 shares from May 3 to 6 at an average of $3.95 each. The repurchases since April were made after the stock rebounded by as much as 26% from $3.19 on March 31. Despite the rebound in the share price, the counter is still down since October 2015 from $4.27. Prior to the repurchases this quarter, the Company acquired 221.5 million shares from June 2011 to May 2014 at $1.80 to $3.15 each or an average of $2.54 each, 32.9 million shares from September to October 2008 at $1.38 to $1.00 each or an average of $1.169 each and 1.25 million shares in 2007 at $4.21 each. Investors should note that Chairman Duan Chuan Liang acquired 9.12 million shares from January 15 to February 29 at $3.23 to $3.50 each or an average of $3.34 each [AI SCORE 4.0; 3MTH -1%(30%)/6MTH -6%(16%) 541 BUYS-2003], which increased his holdings to 469.120 million shares or 30.87% of the issued capital. He previously acquired 2.1 million shares from November to December 2015 at an average of $4.02 each, 34.3 million shares from July to September 2015 at $4.15 to $3.20 each or an average of $3.56 each and 500,000 shares in March 2015 at $3.57 each. Prior to his purchases since 2015, Mr. Duan acquired 22.48 million shares from October to December 2014 at $3.35 to $4.14 each or an average of $3.67 each, 7.76 million shares from March to April 2014 at $2.32 to $2.78 each or an average of $2.52 each and 118 million shares from July 2007 to April 2011 at $5.36 to $0.98 each or an average of $2.49 each. China Water Affairs announced its 1H results in November 2015 with profit attributable to shareholders up by 9.94% to $259.981 million for the 6 months to 30 September 2015. The stock closed at $4.00 on May 6 (Asia Insider News May 7, 2016).
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